希腊： 致力发展外向型经济

Emerging from years of crisis, Greece is now an economy undergoing transformation through reform and a growing outward orientation. The results are already visible: Greek exports are at record levels, foreign direct investment is also at a record high.

Following eight years of economic support programs, Greece has entered a new growth era after successfully completing its third and final international bailout program in August 2018. For the first time since before the start of its economic crisis, Greece recorded economic growth of more 1% in 2017: with real growth of 1.4% in 2017 and 1.9% in 2018.

Goods exports grew by 15.7% last year to a record high of €33.4 billion, further extending Greece’s export boom: exports are now equal to 33% of gross domestic product compared with less than 20% before the crisis and demonstrating a new, outward orientation in business activity. Likewise, Greece’s tourism industry has soared over the past six years setting consecutive records in tourist arrivals and receipts, and contributing an estimated €37 billion to national GDP and equal to about one-fifth of the economy.

Greece’s recovery has caught the attention of international investors: last year net Foreign Direct Investment inflows rose 13.8% on year to reach €3.6 billion – also an historic high and marking the third consecutive year of increased inflows. Overall, net FDI has tripled in the period 2015-2018, with early signs for upcoming deals within 2019 making us optimistic that this year too will set a new record.

Many important reforms and structural adjustments have been completed and others are underway including:
•Streamlining licensing and regulatory procedure in accordance with the World Bank’s Toolkit of best practices.
•Creation of a new, online company establishment register – the e-OSS (One-Stop-Shop) — with a simple 3-step company establishment procedure.
•Implementation of a new regulatory framework for the establishment of Intragroup Service Centers in Greece.
•Updating of Greece’s investment incentives law to support new investment projects.
•Establishment of a new regulatory framework for the management and disposal of non-performing property and commercial loans.
•New financing instruments to support various sectors of the Greek economy – from hi-tech ventures to public works projects – with programs like the EquiFund, Entrepreneurship Fund II, Infrastructure Fund, residential energy efficiency program, TANEO, Business Restructuring Fund, MicroLoans Fund and others, with a combined total of more than €10 billion in loans outstanding.
•Creation of the e-notification platform: a new online system to further streamline regulatory processes by helping business projects meet zoning and technical requirements.

Updating of the Fast Track Law – a special, accelerated licensing and approvals process for major, strategic investments – to include new projects and economic sectors.

Greece is now a unique investment proposition: combining the advantages of a developed country, with growth opportunities usually associated with emerging economies. The country boasts special competitive advantages unmatched by any other country in the region including:
•Geostrategic location at the crossroads of three continents: Asia, Europe and Africa.
•A wealth of natural resources from mineral reserves to prospective hydrocarbon deposits.
•Stable democratic government and active member in key international institutions including the UN, European Union, the Eurozone, and the OECD.
•Highly-developed communications, transport and tourism infrastructure.
•A mild Mediterranean climate, a diverse landscape of mountains and sea, a deep cultural history.
•Attractive asset prices including in real estate, corporate assets and public assets slated for privatization and commercialization, and benefitting from rapid growth prospects in key sectors.
•Top quality agricultural produce and home of the world famous Mediterranean diet.
These opportunities are supported by an exceptionally high-caliber human capital. From technical skills to international experience, Greece offers the high quality personnel required in a competitive global market. As a consequence of the crisis, this human capital can now be accessed at a cost which is significantly lower than other European competitors.

The unique advantages of the Greek economy have been well appreciated even during the economic crisis, as shown by the numerous deals and acquisitions made by leading multinationals over the past few years in a broad range of sectors:

The international investor can find numerous Investment opportunities, which are now at the core of Greece’s long-term growth strategy. These opportunities are offered in different sectors of the economic activity where competitive advantages have been identified.

Tourism/Real Estate: The exceptional performance of Greece’s tourism industry over the last several years has drawn the interest of leading international hospitality groups attracted by the competitive real estate prices and offering highly attractive investment opportunities. These opportunities comprise many tourism sub-sectors such as the development of luxury resorts and complex tourist facilities, marinas, golf courses, thematic tourism and others. At the same time, the privatization and commercialization of state-owned assets is creating new opportunities like the emblematic Hellenikon project to redevelop the old Athens airport situated along the Attica Riviera.

Intragroup service centers (SSCs/BPOs): Greece has introduced new incentives to attract more business processing and shared service centers to the country, banking on the country’s geostrategic position, multilingual workforce and highly skilled service sector. Providing business services like advisory services, central accounting, quality control, project management, advertising and marketing, telephone & technical support, Greece has attracted strong international interest as it expand its presence in the multi-billion dollar global business processing and shared services market.

Energy: Greece is emerging as a regional energy hub with the development of liquefied natural gas facilities and distribution centers, natural gas pipelines, hydrocarbon exploration and exploitation projects, new renewable energy projects and international power transmission projects. Already deployed RES investments total approximately 5.5GW, while several cross-border energy projects have already been awarded special European Union Projects of Common Interest (PCI) status such as the Trans Adriatic Pipeline, the Greece-Bulgaria pipeline, the EuroAsia Interconnector and the EastMed Pipeline. Planned energy project investments are budgeted to reach approximately €25 billion over the medium term.

F&B: Greece’s food and agriculture sector, one of the major export sectors for Greece, with a strong presence in Europe and a growing presence in other major markets. From olive oil to dairy products and baked goods, from honey to wine to processed meats and snack foods, Greek companies have leveraged the competitive advantages offered by Greek primary production to competitively enter and expand in global markets, making food and agriculture one of the most dynamic and high-growth sectors in Greece.

Life Sciences & Pharmaceuticals: Expected to develop extensively in the coming years, with new start-up and spin-off companies increasingly pursuing international R&D collaborations for the development of competitive, technology-based products and services. Several Greek pharma companies are already competing successfully in the international pharmaceutical markets, with a strong shift towards R&D, innovation and product marketing.

Logistics: A sector capitalizing on Greece’s unique location at the crossroads of three continents and long history in shipping and transportation, making the country a strategic hub for the greater region and Europe. Accounting for almost 10.8 % of Greece’s GDP, Greece’s expertise in logistics and shipping support the country’s growing exports while also serving as a gateway between East and West. New projects now underway include the new logistics centers in Thriassio Pedio in West Attica and Stratopedo Gonou in Thessaloniki. Combined with the ongoing investment plan in Piraeus Port (COSCO) along with the privatization of the Thessaloniki Port and 10 other regional ports around the country is acting as a driver for the rapid development of the sector in intermodal transportation and with projected investments in excess €10 billion foreseen over the coming years.

ICT: Greece is fast developing as a hub for innovation and technology with activities related to data center facilities, software development, space technologies and applications development. The availability of highly specialized engineers, an ecosystem with small-scale but dynamic Greek companies seeking strategic investment partnerships, a rapidly emerging Greek start-up market – with some €500 million in financing raised over the last five years – and the dynamic Corallia innovation cluster are creating new opportunities for investors.

Exports/Manufacturing: Greece can serve as a production base for the manufacture and export of products to the region. Greek manufacturing companies already enjoy a strong presence in neighboring and other European markets, with many seeking strategic investment partnerships to further develop their production and expand their export potential. A competitive investment incentive framework for industrial investments, a well-developed network of industrial areas with complete infrastructure, rapid licensing and installation procedures for new facilities, create promising investment opportunities in the manufacturing industry.

In each instance – investment in Greek ports, tourism, real estate, shipping – shows how Greece’s economy is opening to the world. Greece is developing along a new path, one based on exports and foreign investment.

China has been a steadfast partner in Greece’s economic recovery and Greece has been a success story in China’s Belt and Road Initiative. Through Chinese investment, Greece’s biggest port – the Port of Piraeus – has been transformed into one of the leading container ports in the Mediterranean. Other Chinese companies – like Huawei or ZTE – have since set up European production and distribution facilities in Greece.

Growing numbers of Chinese are visiting Greece each year, and many are buying properties in Greece. In turn, Greek shipping companies have ordered tens of billions of dollars’ worth of new ships from Chinese shipyards.

For years, China has exported major industrial products – most notably ships – to Greece, which has reciprocated with exports of mineral and petroleum products. But in the last decade, Chinese investment in Greece has been growing rapidly, demonstrating how Greece is a vital partner in China’s Belt and Road Initiative. As the relationship has deepened, Chinese investors have made several landmark deals in Greece. Among them:
•Piraeus Port – COSCO: A €1.5 billion investment deal that has brought in new business to the port and with a growing number of multinationals like Hewlett-Packard, Huawei, ZTE, Sony, Shanghai International Port Group establishing a permanent presence and activity within the port.
•China’s State Grid Corporation has acquired a 24% stake in Greece’s Independent Power Transmission Operator (ADMIE) for €320 million.
•Shenhua Group, in cooperation with Greece’s Copelouzos Group, is planning €3 billion worth of new investments in renewable energy projects.
•ΖΤΕ reached a deal with Forthnet for the development of a fiber optics network worth €500 million.
•Chinese company Profex Inc. and Morgan Stanley have invested €48.5 million for a majority stake in Korres SA, a natural cosmetics company.
•China Development Bank, EXIM Bank and ICBC have provided more than $2 billion in shipping loans to Greek companies.

Reflecting the ever growing relationship between our two countries, in November 2017, the Greek Ministry of Economy and Finance and the National Development and Reform Commission of China (NDRC) signed the joint Greece-China Action Plan 2017-2019 outlining areas of cooperation in the transport, energy and telecommunications sectors. Since then several agreements between Greek and Chinese companies have been signed. Earlier this year, it was decided that the Action Plan will be extended further to the period 2020-2022 and the scope of cooperation further expanded.

Enterprise Greece is here to help. The agency is the national investment and trade promotion agency of the Greek state, supervised by the Ministry of Economy and Development. Its mission is to assist foreign investors and enterprises do business in Greece, to support Greek exporters abroad and to promote the outward orientation of the Greek economy.

Enterprise Greece has a special role in coordinating the activities of Greek government institutions participating in the Greece-China Action Plan and for more than 10 years the agency has been successfully supporting Chinese companies in Greece. We invite readers to visit our website to explore the investment opportunities Greece offers and avail themselves of the agency’s support services for foreign investors.

Greece is changing and investors worldwide are investing in the opportunities Greece offers. We invite you to be part of the new Greece.

Design | Sun Ziyue